OKLAHOMA REAL ESTATE CORE EXAM MANUAL
QUESTIONS AND ANSWERS SURE A+
✔✔B is 45 years old and wants to rent a house from you. Under the Fair Housing Law
which of the following would be legal? - ✔✔Declining to rent to B because of his lack of
income
✔✔Which of the following best describes "Amortization"? - ✔✔Payment on a loan in
regular payments of interest and principal
✔✔Five liens hav been recorded against a certain house, in the following order: first
mortgage, mechanic's lien, second mortgage, real estate tax lien, special assessment
lien. Which lien will be the FIRST one to be paid from the proceeds of the sale of the
house? - ✔✔Real Estate tax lien
✔✔A is a licensed real estate broker and should reveal her license status under which
of the following conditions? - ✔✔In any real estate transaction A is involved with
✔✔The term REALTOR applies to - ✔✔any member of the National Association of
REALTORS.
✔✔An important function of the secondary mortgage market is to - ✔✔sell mortgage-
backed securities in order to buy pools of loans
✔✔The Oklahoma Real Estate license law requires which of the following to have a real
estate license? - ✔✔Attorney at law performing real estate services in his or her law
practice.
✔✔When must a lender use HUD's Form (HUD-1) Uniform Settlement Statement? -
✔✔When the loan is insured or guaranteed by a federal agency
✔✔A sale transaction on rental property closes on December 10th. The landlord
received the December rent of $713 on December 1. Assuming the closing day is the
buyer's, and that the 365-day method is used for prorating, which of the following entries
would appear on the settlement statement? - ✔✔Credit Buyer $368 ($713 rent/31days
=$23/day x 16 days=$368)
✔✔The primary purpose of the Truth-In-Lending Act is to - ✔✔disclose to the consumer
the cost and conditions of the installment purchase.
✔✔Which is NOT a requirement for establishing a Real Estate office? - ✔✔Exist with at
least 3 Licensees including the Broker
, ✔✔A Realtor has his license revoked by OREC on Feb. 14 2010. What is the earliest
date the former licensee can apply for reissuance? - ✔✔2/14/2013 (3 years)
✔✔What is the critical specific issue with houses built before 1978 - ✔✔Lead based
paint
✔✔Jim has an ACTIVE real estate license and personally puts an offer on a piece of
real property, - ✔✔Jim needs to disclose in writing that he is licensed
✔✔Which of the following reflects the stages through with a neighborhood passes? -
✔✔Growth, stability, decline, and revitalization
✔✔It may be cause for suspension or revocation of license to - ✔✔make false
statements in advertising
✔✔If a purchaser signs a contract under duress, it is generally - ✔✔voidable by the
buyer
✔✔In agency the fiduciary duty requires the agent to - ✔✔look out for the principal's
best interest.
✔✔When does a security deposit revert to the landlord in consideration if the former
tenant has not made a written demand? - ✔✔6 months after tenancy termination
✔✔By the comparison (market data) approach to appraising, we mean value derived
from A. comparison of loans on area properties. B. original costs of comparable
properties. C. comparison of architecture of properties. D. sales of comparable
properties. - ✔✔sales of comparable properties
✔✔A resident of an apartment building may receive a referral fee for referring the
property for lease of not more than? A. $50 B. $500 C. It is illegal to pay a referral fee to
an unlicensed person. D. $100 - ✔✔$100
✔✔The real estate brokers operation account should include which of the following? -
✔✔Money from the broker to operate the business
✔✔A licensee may accept a commission from - ✔✔the sponsoring broker
✔✔Select the choice which is NOT a requirement for a valid lease. - ✔✔Defines the
terms of termination
QUESTIONS AND ANSWERS SURE A+
✔✔B is 45 years old and wants to rent a house from you. Under the Fair Housing Law
which of the following would be legal? - ✔✔Declining to rent to B because of his lack of
income
✔✔Which of the following best describes "Amortization"? - ✔✔Payment on a loan in
regular payments of interest and principal
✔✔Five liens hav been recorded against a certain house, in the following order: first
mortgage, mechanic's lien, second mortgage, real estate tax lien, special assessment
lien. Which lien will be the FIRST one to be paid from the proceeds of the sale of the
house? - ✔✔Real Estate tax lien
✔✔A is a licensed real estate broker and should reveal her license status under which
of the following conditions? - ✔✔In any real estate transaction A is involved with
✔✔The term REALTOR applies to - ✔✔any member of the National Association of
REALTORS.
✔✔An important function of the secondary mortgage market is to - ✔✔sell mortgage-
backed securities in order to buy pools of loans
✔✔The Oklahoma Real Estate license law requires which of the following to have a real
estate license? - ✔✔Attorney at law performing real estate services in his or her law
practice.
✔✔When must a lender use HUD's Form (HUD-1) Uniform Settlement Statement? -
✔✔When the loan is insured or guaranteed by a federal agency
✔✔A sale transaction on rental property closes on December 10th. The landlord
received the December rent of $713 on December 1. Assuming the closing day is the
buyer's, and that the 365-day method is used for prorating, which of the following entries
would appear on the settlement statement? - ✔✔Credit Buyer $368 ($713 rent/31days
=$23/day x 16 days=$368)
✔✔The primary purpose of the Truth-In-Lending Act is to - ✔✔disclose to the consumer
the cost and conditions of the installment purchase.
✔✔Which is NOT a requirement for establishing a Real Estate office? - ✔✔Exist with at
least 3 Licensees including the Broker
, ✔✔A Realtor has his license revoked by OREC on Feb. 14 2010. What is the earliest
date the former licensee can apply for reissuance? - ✔✔2/14/2013 (3 years)
✔✔What is the critical specific issue with houses built before 1978 - ✔✔Lead based
paint
✔✔Jim has an ACTIVE real estate license and personally puts an offer on a piece of
real property, - ✔✔Jim needs to disclose in writing that he is licensed
✔✔Which of the following reflects the stages through with a neighborhood passes? -
✔✔Growth, stability, decline, and revitalization
✔✔It may be cause for suspension or revocation of license to - ✔✔make false
statements in advertising
✔✔If a purchaser signs a contract under duress, it is generally - ✔✔voidable by the
buyer
✔✔In agency the fiduciary duty requires the agent to - ✔✔look out for the principal's
best interest.
✔✔When does a security deposit revert to the landlord in consideration if the former
tenant has not made a written demand? - ✔✔6 months after tenancy termination
✔✔By the comparison (market data) approach to appraising, we mean value derived
from A. comparison of loans on area properties. B. original costs of comparable
properties. C. comparison of architecture of properties. D. sales of comparable
properties. - ✔✔sales of comparable properties
✔✔A resident of an apartment building may receive a referral fee for referring the
property for lease of not more than? A. $50 B. $500 C. It is illegal to pay a referral fee to
an unlicensed person. D. $100 - ✔✔$100
✔✔The real estate brokers operation account should include which of the following? -
✔✔Money from the broker to operate the business
✔✔A licensee may accept a commission from - ✔✔the sponsoring broker
✔✔Select the choice which is NOT a requirement for a valid lease. - ✔✔Defines the
terms of termination
